Resource Junior Jumps on Mining Lease Grant

Scandium International Mining Corp. (TSE:SCY), a resource junior, surged after being granted a Mining Lease for the Nyngan Scandium Project in Australia

Sean Mason | May 5, 2017 | SmallCapPower

A ‘down under’ grant of a mining lease had more than a few speculators gravitating towards a resource junior Friday. Here’s some small stocks making big moves on Friday, May 5, 2017 (as of 4 pm EST):

Scandium International Mining Corp. (TSX: SCY) shares powered 15% higher to $0.42 on Friday after the resource junior announced that its subsidiary company, EMC Metals Australia, has been granted a Mining Lease for the Nyngan Scandium Project in New South Wales, Australia. Scandium International is focused on developing the Nyngan Scandium Project into the world’s first scandium-only producing mine.

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As well, shares of SDX Energy Inc. (TSXV: SDX) slipped 16% to $0.92 as the oil and gas producer/explorer said drilling on the SD-1X well at its South Disouq concession in the Nile Delta area of Egypt has reached its second target depth, however there was not a sufficient amount of hydrocarbons present to justify completing this interval.

Sierra Wireless, Inc. (TSX: SW), meanwhile, reported first-quarter financial results that beat analyst expectations. Revenue for the quarter rose 13.3% to $161.8 million. Sierra is a wireless solutions provider building the Internet of Things. Its stock popped 15% to $38.97 following the announcement.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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